Pakistan will not default, Ishaq Dar assures investors

Pakistan will not default, Ishaq Dar, assured investors on Wednesday.

Federal Finance Minister Muhammad Ishaq Dar while addressing a gathering of investors at the Pakistan Stock Exchange (PSX) through a video link, claimed that he could prove that Pakistan won’t default on the economic front. 

“Whatever tough circumstances Pakistan is facing nowadays, let me assure you that Pakistan will never default,” he said.

“It’s been three months since I took charge and we listen every day that there is going to be a default. How will there be a default? There is no chance that Pakistan will default,” he assured the investors.

He added that the country does not have the $24 billion reserves that the Pakistan Muslim League-Nawaz (PML-N) left in 2016 but that was not his fault.

“The fault is in the system and we must ensure Pakistan goes forward,” said the finance minister.

The Finance minister said some elements negatively propagated about default and spread disappointment among the people, adding that he was not responsible for economic games played before him. 

“The government had to face devastating floods side by side with the IMF program,” he said. 

“I have been hearing since I became finance minister that Pakistan is going to default,” he said.

Ishaq Dar categorically stated that there was no risk of financial collapse. While assuring investors that Pakistan would survive, the finance minister admitted that the economy was in a difficult position. 

“In our previous tenure, the Pakistan Stock Exchange was a big market in South Asia,” he said, adding that the business community stood by the government for the development of the country.

“Filthy propaganda against Pakistan must be stopped. The entire world is facing difficult economic conditions. Even in 2013, it was said that the country would default in six months,” he asserted.

“We will not go to the Paris Club. Damage is being extended to the country for cheap politics. We should learn from our past mistakes,” he emphasized.

“There are serious problems, but we have to find a solution. We have to save our country. The smuggling of dollars to a neighboring country is a big problem. The prevention of the smuggling of dollars, wheat, and fertilizers has been directed,” he stated.

“We have reduced trade deficit. We have not subjected anyone to political revenge. Unfortunately, Pakistan was brought to a place which was not its,” he added.